RBI issues updates to FAQs on Rs 500, Rs 1,000 notes

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. The central bank has updated its FAQs in the context of India demonetising Rs 500 and Rs 1,000 currency notes; some of these pertain to foreign tourists currently in India or planning a travel to the country.Reuters file

The Reserve Bank of India (RBI) has issued fresh updates to its list frequent asked questions (FAQs) first issued on November 8 after Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes.

The updates include the decision not to levy ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers that are done at their own banks' ATMs or at those of other banks, irrespective of the number of transactions during the month.

"This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review," the RBI said.

The bank also mentions the enhanced weekly limit of Rs 24,000 that is applicable up to November 24, 2016, after which it may be reviewed.

"Business entities having Current Accounts which are operational for last three months or more will be allowed to draw ₹ 50,000/-per week. This can be done in a single transaction or multiple transactions."

Folk artists perform with foreign tourists on World Tourism Day at Junagarh Fort in Bikaner on Sept 27, 2016.IANS

Till November 24, 2016 midnight, specified bank notes can be used:

(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription;

(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;

(c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof;

(d) for purchase at milk booths operating under authorisation of the Central or State Governments;

(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil and Gas Marketing Companies;

(f) for payments at crematoria and burial grounds;

(g) at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character;

(h) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.

(i) for making payments in all pharmacies on production of doctor's prescription and proof of identity;

(j) for payments on purchases LPG gas cylinders;

(k) for making payments to catering services on board, during travel by rail;

(l) for making payments for purchasing tickets for travel by suburban and metro rail services;

(m) for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.

(n) for making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies;

(o) for making payments towards utility charges including water and electricity -which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed.